Global market update: Emerging petfood segments
While developed markets are focusing on ingredients, sourcing and labels, emerging markets are growing with exports and consumer education
According to Euromonitor International, established petfood markets in the US, Japan, Brazil and the UK continue to rule with their retail dominance, but newcomers like Russia, Italy and India are lining up for their very own share from the global petfood bowl. Rising disposable incomes in emerging markets like India and China, coupled with rapid growth in Russia, Ukraine, Indonesia and Vietnam have these regions ready to play a much bigger role in the worldwide petfood and treat market in the upcoming years. Euromonitor predicts that priorities will shift between 2011 and 2016 for emerging and developed markets with 66% of global GDP growth generated in emerging markets and 88% of the global population living in these areas.
With the help of an international team of editors, let's focus in on several of these emerging markets, what they're up to and where they're going in the near future.
Eastern Europe continues to grow their fledgling pet market with exports and a healthy economic segment. In 2013, the volume of the Russian petfood market should reach 585,000 tons in natural volume and exceed US$1 billion in monetary terms, estimate experts of the State Statistic Service of the country (see Figure 1). The pace of industry growth is going to rise in coming years following the increase of the purchasing power of the Russian population.
According to analysts of Research Techart, the level of sales of industrial feed for cats and dogs in the Russian market will rise 10%-15% annually in…